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Is this a serious problem

You also have to realize that you are only seeing what is on the surface.
Generally, once the walls are 'opened up'.....it is not uncommon to find additional issues that need to be taken care of, especially in homes that look the age of the one you show in your pics.

We come across it all the time when doing remodeling work.
We even have sub-points included in our contracts regarding our procedures for handling "discovered-damages" while doing the other original contracted work.

Is this a serious problem

If you're going to redo the bathroom you should be able to see if the tenants bathroom is leaking above when you rip out the old ceiling. You really are going to want to gut that bathroom and start over. I would say the 6k starting is a good baseline, but bathrooms are quite expensive and things can escalate quickly!

Is this a serious problem

Quote:

Originally Posted by sponge

Anyone think this is a money pit?

The repairs seem to be an average remodel in the bathroom unless issues are discovered inside the walls.
How old is the building?
Do you know if the plumbing has ever been upgraded?
How old is the electrical?
The repairs that you make to the bathroom and kitchen should increase the value of the property. When you decide to sell then you may recoup from 75 to 90% of the cost that you have put into the kitchen and bathrooms as long as it is quality work that appeals to many new buyers.

Is the area desirable?
Are the other units increasing in value?
Are the rest of the units in better shape then this?

Simple real estate formula -Buy the worst looking house on the block and improve it to the value of the other homes. Unless the cost to improve costs more then the final value.

Is this a serious problem

Still thinking about putting an offer in...
We would have to hire someone to do almost all the work.
I dont know how old the building is but I'll try to find out.
I'll also answer these questions as I found out more info.
The area is desirable, theres plans for luxary condos across the street.
The unit upstairs was renovated by a young couple and looks great and has a lot of character

Is this a serious problem

Are you able to ask the upstairs owners how much they paid for their new bath to get a general idea on what the expense may be?

You may even be able to ask to have the company that did their remodel to give you an estimate on your remodel in order to get a better idea on what it will cost to update yours before you submit an offer.